Wait for a correction to 70.16 to buy Brent

Brent weekly Reveiew

Wait for a correction to 70.16  to buy Brent

 

Technical observation

On the weekly chart above, Brent broke up above a key resistance line70.16 two weeks ago and has since then remained above it.Currently price is rallying above the line and I expect a correction to it for a possible bullish momentum towards the line 80.16,I would advise you wait for a correction to the zone to buy Brent with your take profit at 80.16 and stop loss around 65.67.As long as price remains above the zone (62.35-60.83),only long positions look ideal and can be advised towards the key line 80.61.You can only sell Brent in case of a clear  breakout below the zone and a correction to it.

Trade signal

Wait for a correction to 70.16 to buy Brent.

 

 

            Platinum weekly Review

Wait for a correction to 70.16  to buy Brent

Technical observation

 Platinum has been trading on a downward trend with six retracements at a key zone (1039.87-1023.40).Currently price is below the zone towards a key support line, 890.56 and I expect either a correction to (1039.87-1023.40) or a breakout below 890.56 and a correction to it for bearish movements of price, my advice, remain flat and wait for either a breakout below 890.56 or a pullback to (1039.87-1023.40) to sell Platinum. In case there’s a clear breach above (1039.87-1023.40) with a big green candle, wait for a correction to the zone to confirm price is on a bullish move before you enter long position

Trade signal

 Remain flat.

  

 

      Gold weekly Review

Wait for a correction to 70.16  to buy Brent

Technical observation

 The general trend for gold is downward. It has retraced at a key resistance zone (1366.46-1351.22) several times previously and is currently below the zone. I expect possible bearish movements of Gold this week and the weeks to come. If you sold Gold last week I would advise you remain in the trade, if you had not sold it yet, you can still sell Gold now with your take profit at 1203.98 and stop loss around 1417.44.Buy positions can only be advised in case of a clear breakout above (1366.46-1351.22) with a big green candle and a correction to it towards the key line 1483.03.Right now only short positions look ideal.

 Trade signal

 Sell gold now with your take profit at 1203.98 and stop around 1417.44.

 

 

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Imelda Maseno
Analyst of «FreshForex» company
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